By Bill Mirkin, Certified Public Accountant
January through April is peak tax time, but that doesn’t mean you should only visit your accountant those four months out of the year. Good business-accountant relationships last all year long, working to strengthen financials and grow companies.
Monmouth SCORE, a volunteer-manned organization that offers assistance to small business owners in Monmouth County, has a variety of services that can aid small businesses. To get you and your business started, here are the top four reasons to visit your accountant in August.
- Tax Planning. You may not want to think about prepping and planning for another tax year, but it’s smart to do this early. Tax prep can be a tedious, time-consuming task, but your accountant can make this much easier on you! They know the ins and outs of the tricky tax business and can let you know about tax credits and deductions you may want to take advantage of that weren’t on your radar. Accountants also know and understand existing and new tax laws that may be complex to navigate through. With their expert guidance, your business’ tax prep will be a breeze. Seeing your accountant in August for tax preparation can also help you avoid the year-end rush.
- Where your business has been, and where it’s going. You may know every detail of your business, but keeping your accountant well informed of the particulars of your company will help with all things tax related. Accountants understand the financial consequences that coincide with business decisions and can be a great partners to advise and guide your business through financial situations. They can also advise you on the growth of your business, but you need to have the building blocks in place to make this happen. Your relationship with your accountant should be a collaborative one, and it will benefit both of you!
- Find out what you’re doing wrong. First, if you don’t have an accountant for your business, get one! Monmouth SCORE can help, just click here. If you have an accountant and you’re not being completely honest with them, start! They’re there to help you and they can only do that if you’re being open about your business and financial situation. Think your business isn’t eligible for a certain tax credit? Don’t assume, ask your accountant! Accountants can let you know if you’re missing tax credits or deductions that could save you money. Another thing accountants can help with is determining where your operating inefficiencies are if you have any. You might be paying a high rent rate, too much in labor, or for materials. Accountants can conduct audits of these things and let you know where you can potentially save dollars.
- Find out what you’re doing right. Accountants can tell you if your business is growing at a steady pace, and help you make a plan to continue this growth. An accountant can also tell you if you’re on the right track with your financial plan and help you with any changes.
Need assistance with your small business? Monmouth SCORE can help! Visit www.monmouth.score.org for more information and to see a list of services Monmouth SCORE offers.
William Mirkin is a certified public accountant with over 40 years of experience. He spent 10 years in private practice as a controller, CFO, and VP of finance and managed his practice in public accounting. He is also knowledgeable in business valuations, litigation support, and various aspects of taxation.